19.30

No or yes, ΝΑΙ γ Όχι it seems a bad deal either way

Constantine is worried what his 87-year-old Grandmother will have to return to in Greece

I am American born. Educated in the States. Spent nearly every summer in Greece. I have dual citizenship. I could fly to Athens to vote. I would vote NO. But in my opinion I have no right to this. I am removed from it. I do not live there and am only peripherally aware of the reality in Greece. My concern is for Aunts, Uncles, and cousins.

My 87 year old Grandmother is here with us for the next few months celebrating child births and the weddings of family here in the US. What will she go home to find? Will she be able to go home? She is lucky to be here where she has family to care for her. No monetary concerns. No or yes, ΝΑΙ γ Όχι it seems a bad deal either way.

Constantine

Cincinnati, Ohio

19.05

Is there a chance of last minute reprieve for Greece? The cavalry is on its way in the usual form of Yorkshire Tea drinker and York City fan Thom Feeney.

The European Union is home to 503 million people, if we all just chip in a few euro then we can get Greece sorted and hopefully get them back on track soon. Easy," Feeney writes on crowdfunding website Indiegogo.

18.19

Johan Gren from Sweden has reached saturation point with the intricacies of Greek negotiations, come on Johan spare a thought for the rest of us:

So what is Greece's end game? Not enough analysis there tbh. Finance minister saying that if a 'no' vote a new deal will be signed monday and the banks will open. This is obviously not true, so why do they get away with these blatant lies?

Swedish architect, interested but not really bothered.

18.06

The chaps at Monty Python neatly sum up the problem between Germany v Greece

17.56

Are you in Greece or have some thoughts? Get in touch. john.ficenec[at]telegraph.co.uk

17.44

Angela Merkel shuts down group of Greek anti-austerity protesters

German chancellor Angela Merkel gave a quick-witted retort when she was interrupted by Greek anti-austerity protesters chanting "No".

Standing at the lecturn, Merkel responded: "to even things out, I'd like to say 'Nai', which means 'Yes' in Greek".

The German Chancellor then received a round of applause, looking rather pleased with her quick-witted response

17.42

More from Emma:

The EU should have focused its attentions on the social structure of this country a long, long time ago, instead it let it all get this far. I fear true communism will prevail here, I fear that children will continue to be taught one-sided views and to never question, and I fear an irreparable divide in a country whose pride should have been focused on prosperity instead of austerity for all these years.

Personally, I say ‘YES’ and that is only because this country is not yet ready to face the consequences of going it alone - people are acting upon emotion not logic and that is exactly what this government wants. They know their people better than anyone.

17.40

Emma Stuart offers her views on the situation as a Briton who has lived in Greece for the past six years:

I agree with both Nikos and Ioannis. I have been living in Greece for 6 years and I love this country as if it were my own, however, this country is sleepwalking its way into a communist regime. As Ioannis said, young students are ‘brainwashed’ at university in Greece and for some reason, many of these bright, young individuals end up leaving with a degree and a few side portions of radical, ideological communist views.

I remember only a few months ago arguing with people on ‘The Telegraph’ site about the Greek crisis. Only a few months ago people were slaughtering SYRIZA and the Greek people for the economic disaster that has worsened over the past few months. We all knew then - and five years ago - that the austerity measures were extreme, unsustainable and illogical. But we continued to turn a blind eye. Now, however, European citizens, the IMF and a number of politicians are speaking out and arguing the failings of the EU. Why now? Why, when 5 years ago we knew this wouldn’t work, did we allow it all to happen? In the space of one short month attitudes have taken a 360 turn and it is something I really cannot get my head round.

Instead of dealing with the root cause of the problem, capital flight continued to occur, education systems fell deeper into abyss and unemployment rates continued to rise as more and more businesses were forced to close under austerity. Really, we didn’t realise it wasn’t working? The situation was left (by both sides) to worsen. As a result of their ‘Game of Clowns’, many working-class Greek citizens now have their money tied up in failing bank systems, that many had worked extremely hard to save for their children’s future, which they fear they’ll never get back. And if they don’t, who will care? The wealthy have their fortunes safe and sound out of the country and again, it’s the average citizen who is left to pick up the pieces.

17.29

More bad news for Greece:

Acc to the Greek tourism board, no of holiday bookings to #Greece has dropped 17% since referendum was announced. Online bookings down 43%

This was supported by Dick Gussen, a spokesman for Corendon International Travel, who told Bloomberg:

We do see that the number of new bookings — so near to peak season — to Greece is falling.

Many families have decided to go to Spain instead, he said.

17.09

There are no plans to force Greek savers into the barber's chair in order to prop up the economy, according to the European Banking Authority.

Its chairman said any move to introduce a 3pc haircut on deposits above €8,000, which was first reported in the FT, would be illegal and incur the wrath of EU lawyers:

Andrea Enria said:

I am not aware of any plans to introduce haircuts to retail depositors of Greek banks, as reported in the media this morning. I highly doubt that any authority or public body at EU or Member State level could consider this option, as it would be against EU law and the EBA would immediately start breach of EU law proceedings. EU legislation is in place to protect retail Greek depositors, as any other depositor in the EU.

17.02

Ambrose Evans-Pritchard, our international business editor, is on the streets of Athens and will be there when the referendum results are released. He spoke to Yanis Varoufakis yesterday, who said the country was prepared for economic siege.

His sends me this image of an ATM via email with just two words attached: it begins.

15.53

Really, really grateful for your thoughts on the referendum. Here's an email from "NB", who says they have flown to Greece from London in order to vote tomorrow:

I am going to vote an emphatic "No" and let the unelected eurocrats and technocrats know that Greeks will not succumb to bullying or scare tactics.

I am a little disheartened to read the views of Nikos who implies going back to a national currency is a negative thing that will bring doom and gloom forever. This is simply not the case. A national currency lets us tailor it to suit our imports/exports. With the euro we are anchored to it no matter what.

Does Nikos follow the news? Has he seen that even the IMF (who we defaulted against last week) agrees without debt restructuring and deferral of payment Greece will forever remain in a black hole. It is simply not possible to repay €320bn and have austerity at the same time. The economy is in a Darth Vader like death grip.

Finally, I would like to add that I am not a left-winger in the least, I always vote right or centre-right unless I see a left-wing candidate I can respect. Despite being dyed in the wool blue, I have to admire Mr Tsipras for standing up to giants and looking after the Hellenic interests.

15.10

Ed Miliband, the former Labour leader, has accused European creditors of "bullying" Greece. He's just tweeted:

Very troubling to see Eurozone actions over last week. Tsipras tactics very odd but bullying and denial of need for debt restructuring (1/2)

14.32

There's something you can't understand unless you live in Greece. In this country we have communism not capitalism, but still everyone blames capitalism.

Everyone lives from the state. Even the private sector lives from the state in many ways, for example by not paying taxes and not getting punished for that.

I was in the Greek university for many years (diploma + MSc) and I experienced the terrorism of the leftists every single day. Supporting a different opinion is a reason for them to use physical and psychological violence against you. The universities are occupied by student/wannabe politicians (PM Tsipras was one of them) for several months per year. I won't continue, because I may say things that will sound unreal to you and lose credibility.

One last thing: Not wanting reforms goes against the human nature of desiring the development. I believe my nation needs a different education and this has to start from school, where kids should learn how to be good people, not how to be good communists.

Alexis Tsipras, Greece's prime minister

14.27

The cost of Grexit? €227bn, according to analysts at RBS. Alberto Gallo and the macro credit research team write:

We estimate the minimum direct financial cost for creditors at around €227bn (2.3pc of Eurozone GDP). This is higher than the cost of a one-off haircut to make Greek debt sustainable (€140bn) and excludes full contagion costs, geopolitical costs from potentially losing Greece as EU and NATO members, and the impact of creating a Euro-exit precedent. For Greece, the economic costs would be dramatic: GDP growth could fall by over 6pc, based on past exit scenarios in other countries. Unemployment and inflation would rise substantially.

The worst scenario could become a humanitarian crisis, where IOUs would discourage imports of key goods and social unrest could follow.

14.05

Get in touch. szu.chan[at]telegraph.co.uk

14.00

And here's a response from Nikos, who lives in Greece:

I'm a student in one of the most known Greek universities

I will vote YES. Without a doubt. I know many people around my age (early 20s) who will vote yes as well.

The bailout program is not ideal, there are taxes and cuts. But it's the least bad option for everyone who wants Greece to recover and to become a proper Western-world country. We're not one right now.

The No vote is the step into the unknown. Despite the Government claiming otherwise, if the No wins, we're going back to national currency. The inflation will be enormous, many multinational companies may leave Greece, finding a job would be completely impossible and there will be probably restriction on free movement of Greeks in the EU, so finding a job abroad would be equally difficult.

The ones that support No are mainly communists, public sector workers or people who think they have nothing to lose (they don't get that they have much to lose)

Last but not least a YES vote is a vote for democracy. The government consists of many left-wing politicians who are admirers of the USSR. They want to ban private broadcasters and leave only a public one, like in Communist states. They don't like freedom of speech, they threaten journalists who oppose them. And with Greece with a weakened economy, probably outside the EU and with only Venezuela as an ally, we're sliding towards a totalitarian state. And totalitarian governments do not come into power when a country is prosperous with a high quality of life. They rise when the people are poor and they are willing to trust anyone who gives them food.

Shoppers stand in an aisle with empty shelves in a supermarket in Athens on Saturday (Photo: AFP)

13.55

Earlier I asked Greek people out there to tell me what they thought about the referendum.

Here's what George Papadopoulus, a 52-year old living in Dalston, London, sent in:

I am 52 years old, and get a Pension of €1,400 per month, and dont know if i will get the next payment. I would vote NO, i have been retired since the age of 50 and get the money sent from Greece, and can use the council Gyms in London for free, free meals on wheels from Hackney Council, it is a good life.

13.24

Martin Schultz, the president of the European Parliament, has said that Brussels is ready and willing to give Greece emergency loans if a humanitarian crisis breaks out.

Maybe we will have to give emergency loans to bridge to Greece so that public services can be maintained and needy people get the money. Funds in Brussels would be shortly available. [We will not] leave people in Greece in the lurch.

Mr Schulz said a no vote tomorrow could spell disaster for Greece.

If the Greek government has no more money, because the reform plans of the partners have been previously rejected in the referendum, then the situation will not definitely improve. Without new money, salaries can not be paid out, the health care system does not work, the power supply and the public transport failure and essential goods can not be imported because they can not pay [for them].

Earlier, Wolfgang Schaeuble, Germany's finance minister, also insisted that Europe would not abandon the needs of the Greek people.

Here's the response from Dimitris Yannopoulos, the head of Yanis Varoufakis's (very small) press team:

Well, that's some relief! Wolfgang Schäuble sees difficult talks ahead, but he promises that the Greek people would not be left in the lurch

13.12

Hugo Dixon, author and columnist argues that Greece's position in th eurozone will be uncertain whatever the outcome of tomorrow's vote:

Greece’s pro-European forces are so divided that they will struggle to gain power.

It is true that a Yes vote would probably lead to the resignation of Alexis Tsipras, the radical left prime minister who is campaigning for No. There would then probably be a new election because it would be tricky to put together a pro-European coalition from the current parliament.

Even if the three pro-European parties — New Democracy, To Potami and Pasok — collectively won more votes in that election than Mr Tsipras’s Syriza group, they could easily fail to get a majority in the 300-member parliament. This is because, under Greek law, the party with the largest number of votes gets a 50-seat bonus. If Syriza emerged as the largest single party, it might end up still in government or, at least, able to block the pro-Europeans.

The way to avoid this is for the opposition to join forces. They would then probably get the 50-seat bonus and be able to form a government. The snag is that, despite several months of talks, they cannot agree on how such an arrangement would work and who would be the candidate for prime minister.

12.39 What is happening tomorrow?

For those still unsure about what's happening tomorrow, here's a 60 second rundown:

The Greek people will decide whether they can stomach the kind of austerity that is being proposed by the "institutions", aka, Brussels, the European Central Bank and the International Monetary Fund.

It's not the clearest of questions. Europe has attempted to make it a vote on whether Greece wants to stay in the eurozone. A yes vote is a yes for Europe, declared Jean-Claude Juncker, the head of the European Commission, this week. The Greek government insists this is not the case. They say a no vote is the only way to strengthen its hand.

Asked several times on Friday whether he would even talk to the Greek government if the Greek people voted no, he replied:

If the Greeks will vote 'no', the Greek position is dramatically weakened.

The vote will take place on Sunday between 5am and 5pm UK time. Only Greek citizens aged 18 and above who are registered to vote can have their say. They must vote in their home districts. People have rushed back to Greece to vote.

There is no official time for the release of the result (this is Greece after all). However, votes will start to be counted after the polls close. It is unclear whether there will be exit polls.

Analysts are expecting an indication of the result at around 7pm UK time. By Monday morning the full result will be clear.

A ballot reads "Referendum of the 5th of July 2015" at an Athens school that will be used as a polling station for Sunday's referendum in Greece (Photo: Reuters)

12.01

Without a major effort to write off €330bn in loans, the battered economy will remain a financial black-hole for its creditors, locked out of financial markets and ever-reliant on its paymasters to stop it from going bust.

Should the economy manage to grow at close to its historical long-term average of 1pc a year, Greece’s debt ratio would still top 100pc of GDP in three decades.

In the more realistic case that growth is 1pc lower than forecast, but is coupled with an ambitious budget surplus of around 2.5pc of GDP, Greece would still require a total write-off of its entire first bail-out package worth €53.1bn.

To alleviate the burden, the Fund suggests taking bold measures to impose a 20-year moratorium on repayments and extend maturities by another 40 years. They are extreme actions in economy which will still be paying back its official creditors in 2057.

11.47

A sad stat. The country's depression has joined the list of economic downturns usually only seen after countries have been ravaged by war:

Greece's GDP collapse is among the worst advanced economy falls since 1870. And most of those were war-related. pic.twitter.com/QLp6fYN83u

11.30

To be honest, I'm not sure, but Hans-Werner Sinn, head of the respected Ifo think-tank in Germany has a few ideas.

I interviewed him last year, where he suggested Greece could adopt a "breathable euro". Here's what he said:

Greece would have done better had they exited the eurozone in 2010, but not permanently. The proposal is that the exit is only temporary and that the country stays legally part of the eurozone. It devalues its currency, carries out reforms and returns when it has recovered. I see this status of being outside the euro as a sort of hospital stage.

The realignment of relative prices that Greece and perhaps other countries need cannot really be achieved within the euro because it would either mean astronomical inflation in the core or deflation in Southern Europe of an order of magnitude which requires so much austerity that society may fall apart.

11.23

Greece is a member of the eurozone. There's no doubt about that. Whether with the euro or temporarily without it: only the Greeks can answer this question. And it is clear that we will not leave the people in the lurch.

He also said the Greek government's actions suggested that they did not want to reform as he described the risk of contagion from an exit as "relatively small". He said:

The markets have reacted with restraint in the last few days. That shows that the problem is manageable.

Wolfgang Schaeuble, Germany's finance minister (Photo: Reuters)

A woman passes by a poster bearing a portrait of the German finance minister in Athens and a slogan which translates as "Five years he has drunk your blood. Now tell him No" (Photo: Reuters)

11.11

Last Tuesday, as the Greek government finally went into default with the IMF, it also got a message of "solidarity" from Mr Chavez's replacement, Nicolas Maduro, on his weekly TV show.

“Fear not, Greek sisters and brothers," he said. "The path forward is to break the chains of international financial capital and the IMF."

The fear among Syriza opponents is that Greece is now about to do exactly that, thumbing its nose at its creditors, crashing out the Eurozone and taking the country into an economic wilderness. Stuck on its own in an increasing unstable neighbourhood – Greece is bearing much of the migrant flux from nearby Syria – the likes of Venezuela and Russia could end up being its only friends.

"We need to look at what quality of democracy we will end up with," said Kyriakos Mitsotakis, a senior MP in the centre-right New Democracy party. "Some people think Greece will end up as neo-Chavista, semi-authoritarian regime that will have more resemblance to Venezuela than a European country."

11.05

Solidarity with the "no" camp in Cyprus this morning, where people have gathered in the capital to protest against harsh austerity. One man holds a banner with a montage of all the key players. The Telegraph picture desk would be proud:

Demonstrators shout slogans against austerity during a protest in support of Greece in front of the European Union office in Nicosia, Cyprus (Photo: Reuters)

10.42

It's the calm before the storm this morning. Tourists are out enjoying the changing of the guard ceremony. Perhaps its symbolic of the things to come over the next 48 hours.

Tourists enjoy the change ceremony of Evzones, Presidential Guards, in front of Parliament building in Syntagma square in Athens (Photo: EPA)

A pigeon lands to grab some food in front of Parliament building in Syntagma square in Athens on Saturday (Photo: EPA)

A referendum official puts up a sticker reading "301 polling station" at an Athens high school that will be used as a polling station for Sunday's referendum in Greece (Photo: Reuters)

10.39

The scenes in Syntagma Square this morning are very different this morning to last night, when Alexis Tsipras, Greece's firebrand prime minister, urged Greece's population to vote no to the creditors' austerity proposals.

Here he is last night:

10.29

The majority of the Greek press is backing a "yes" vote. The significance of tomorrow's vote means Sunday's papers are already available to view.

10.00

On the eve of the referendum, Greece's finance minister said a "no" vote was the only way to reach a better agreement. He told Spanish newspaper El Mundo:

What they're doing with Greece has a name - terrorism. What Brussels and the troika want today is for the 'yes' (vote) to win so they could humiliate the Greeks.

"Why did they force us to close the banks? To instill fear in people. And spreading fear is called terrorism.

Mr Varoufakis reiterated his pledged to get on his bike and resign if Greece voted 'yes' to creditor demands. He said this week that he'd rather cut off his arm than sign an agreement that did not include debt relief.

Yanis Varoufakis, Greece's finance minister (photo: AP)

09.45

Good morning, and welcome to our Greek crisis live blog.

The brilliant Isabelle Fraser and Mehreen Khan haven't slept for about 30 days - so I'm afraid you're stuck with me for today while they get some much needed rest.

There's likely to be more protests, rhetoric and banner waving, as European policymakers make their final pleas for Greek citizens to vote yes or no in tomorrow's poll.